AI Scam Drains Italy's Largest Bank of $120M; Half Recovered So Far
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Italy's largest bank fell victim to a sophisticated AI-powered scam call that resulted in a loss of approximately $120 million (Rs 1,034 crore). Fraudsters used artificial intelligence to deceive bank officials into authorizing the large transfer. Authorities have managed to recover roughly half of the stolen funds. The remaining money has proven difficult to trace after being routed through multiple overseas accounts. The funds were subsequently converted into cryptocurrencies, further complicating recovery efforts, according to Reuters sources.
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